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Travel operators urged to refund UK holidaymakers who call off trips to Rhodes 2023-07-23 - Travel firms and airlines are being urged to reimburse passengers who decide against flying to Rhodes as the Greek island is ravaged by wildfires, with a leading consumer group arguing it would be “unconscionable” to withhold refunds. Which? travel editor Rory Boland called on carriers to be “flexible” if customers decide for themselves that they do not want to fly to Rhodes, at a time when there have been emergency evacuations of more than 19,000 people on the island. “It’s likely that those who are due to go to Rhodes now won’t want to go, and given the emergency operations that are taking place on the island, local authorities could probably do without more tourists arriving,” he said. A string of travel companies have cancelled package holidays to the Greek island that were due to depart in the coming days. Tui said on Sunday evening that all passengers due to travel to Rhodes up to and including on Tuesday would receive full refunds, while those due to depart on Wednesday would be able to receive a full refund or change for free to another holiday. EasyJet said those who were booked to travel to or from the island until Tuesday would be able to transfer to another date or request a flight voucher. Thomas Cook will not take tourists to parts of the island considered most at risk until the end of the month, and Jet2 has confirmed that it will not fly travellers to the destination for at least a week. British Airways said that customers already on Rhodes who needed to return home early would be able to change their flights for free, although it was expected there would be limited availability. The Foreign Office’s website informs tourists planning to travel to Rhodes that they should check with their travel operator or hotel before travelling, to make sure that their visit would not be affected by the wildfires. Experts have said that it could be harder for holidaymakers to claim compensation in the absence of advice from the Foreign Office not to travel to the destination, on health or safety grounds. Despite this, Boland called on travel firms to do the right thing: “While there is no official Foreign Office advice against travel to Rhodes, it would be unconscionable for holiday companies to cash in on travellers’ sensible decision not to travel by not refunding or rebooking them.” Passengers who have booked package holidays generally have more rights than those who have chosen flights and accommodation separately, according to the Association of British Travel Agents (Abta). An Abta spokesperson said: “We are aware of some cancellations – your rights will vary depending on whether you have booked a package holiday or the different elements of your holiday separately.” Those who choose not to travel, rather than having their trip cancelled or postponed, may not necessarily be covered by their travel insurance policy. Such policies usually only allow claims for cancellation in the event of serious illness of one of the travellers, a bereavement of the insured or a very close family member or an exceptionally long delay prior to departure. Louise Clark, policy adviser at the Association of British Insurers, said the primary purpose of travel insurance is to protect holidaymakers in case they require emergency medical treatment overseas. She added that travel insurance is “unlikely to provide cover if you’re unable to go outside on your holiday because of a wildfire”. However, some insurers do provide add-ons for customers at the time of purchase, which protect against natural disasters. Holidaymakers are also warned that many package holiday operators charge customers all or at least 90% of the price paid if customers cancel at the last minute.
Unilever to comply with Russian conscription law if staff called up 2023-07-23 - The consumer group Unilever, which owns brands including Cornetto ice-cream and Dove soap, has said it will comply with Russian conscription law, meaning its Russian employees could be sent to war in Ukraine if called up. The Anglo-Dutch group, whose products also include Marmite spread and Magnum ice-creams, is facing controversy over its decision to remain operating in Russia, where it employs about 3,000 workers across four manufacturing sites, producing mainly personal care and hygiene products, but also ice-cream. In a letter to the group B4Ukraine, which campaigns for companies to cease operating in Russia, Unilever said it would comply with Russian conscription law. In the letter, made public by the BBC, Unilever said: “We would like to reiterate that Unilever absolutely condemns the war in Ukraine as a brutal, senseless act by the Russian state and we continue to join the international community in calling for stability and peace in the region.” But the company, whose global brands include Ben & Jerry’s ice-cream and Knorr soups, said it continued to operate in Russia because “exiting is not straightforward”. It was staying put and continuing its operations in Russia “both to avoid the risk of our business ending up in the hands of the Russian state, either directly or indirectly, and to help protect our people”. Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, wrote that the wellbeing of staff was paramount. “We continue to run our business in Russia in alignment with our global principles including the safety and wellbeing of our employees,” he said. But in response to B4Ukraine’s request for further details on conscription to the Russian army, Ecclissato wrote: “We are aware of the law requiring any company operating in Russia to permit the conscription of employees should they be called. We always comply with all the laws of the countries we operate in.” Valeriia Voshchevska, of the Ukraine Solidarity Project (USP) campaign group, tweeted: “If this is protecting your workers, I’d hate to see what putting them in harm’s way looks like. And what about innocent Ukrainian civilians – does Unilever not think they deserve protecting too?” Earlier this month, Unilever was named as an international sponsor of war by the Ukrainian government after it became subject to a law in Russia obliging all large companies operating there to contribute directly to its war effort. Campaigners called on Unilever to withdraw from Russia, where its local business continues to sell “essential” products. In its letter to B4Ukraine, the company said it had paid 3.8bn roubles (£33m) in tax to the Russian state in 2022, a similar amount to the previous year. Earlier this month, USP put up a giant billboard outside Unilever’s London headquarters featuring pictures of wounded Ukrainian soldiers – posing in the style of the Dove beauty brand’s advertisements – and the slogan: “Helping to fund Russia’s war in Ukraine.” Unilever was placed on the sponsors of war list alongside companies including Procter & Gamble, the world’s largest manufacturer of household chemicals and personal care products, and the French supermarket group Leroy Merlin. Unilever has previously said it ceased all imports and exports of its products into and out of Russia in March last year and has stopped all media and advertising spend and capital flows.
People at increased risk of burnout due to more demanding workdays, TUC says 2023-07-23 - People are facing more intense working days than ever, with less time for their private lives and an increased risk of burnout, according to research by the TUC. More than half of workers (55%) reported that work had become more intense and demanding, according to polling for the union body. The TUC’s work intensification study said the shift was in part due to technology, as well as a decline in workers’ autonomy over how they spend their time. Three out of five working people (61%) said they felt exhausted at the end of the working day, polling of more than 2,000 working people in England and Wales found. Workers also reported that the situation was getting worse. More than a third of those polled said they were spending more time outside contracted hours reading, sending and answering emails than they did a year earlier, in 2021. Several common factors have combined to create a “perfect storm” for work intensity, the TUC paper said. These included the use of technology and surveillance to enforce unsustainable productivity targets, and staff shortages caused by low pay and excessive workloads. A decline in collective bargaining and a lack of enforcement of working time regulations were also highlighted as factors by the organisation, which represents more than 5.5 million working people in 48 unions. The TUC general secretary, Paul Nowak, said: “No one should be pushed to the brink because of their job. Gruelling hours, pace and expectations at work are growing problems up and down the country. This is a recipe for burnt out Britain. “Chronic staff shortages, intrusive surveillance tech and poor enforcement of workers’ rights have all combined to create a perfect storm. It’s little wonder that so many feel exhausted at the end of their working day.” The Health and Safety Executive, which is responsible for enforcing maximum weekly working time limits and assessments for night work, has had its budget cut in half in a decade. Global levels of stress and burnout in the workplace have been on the rise for more than a decade – and remain at a record high – according to Gallup, which conducts an annual report into the state of the global workplace by polling 116 countries. Dr Ananta Dave, the Royal College of Psychiatrists’ lead for wellbeing and retention, said: “Burnout is not considered a mental illness but can seriously impact mental health and lead to more prolonged mental health problems when not treated appropriately.” Dave added: “People who are concerned about burnout should be able to seek help at work from their staff health and wellbeing service, line manager or occupational health team. Alternatively, they can talk to their GP about the support that is available. “Employers have a statutory duty of care to their employees and need to do all they can to promote good mental health in the workplace and support those employees who become unwell.” Commenting on the impact of the phenomenon in the NHS, Dave said: “We are seeing more staff members presenting with burnout across the NHS who have struggled with stressful working conditions and increases in demand for services. It’s important to remember that anyone can be affected by these issues.” skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion Women were more likely than men to say they felt exhausted at the end of most working days (67% to 56%) and that work was getting more intense (58% to 53%), according to polling for the TUC by Thinks Insight. Women are overrepresented in sectors such as education and health and social care, where staff shortages and other factors, such as heightened scrutiny and long working hours, have led to increased work intensification. Women also often face further time pressures thanks to shouldering more of the burden of domestic labour at home. While there are trends common to many jobs, for some the shift in intensity is particular to that profession. For example, the Royal College of Midwives reports that staff shortages have led to midwives working consecutive shifts. Overall, one in three working people said they were spending more time outside contracted hours doing core work activities and 40% reported they were required do more work in the same amount of time. The TUC has argued that urgent action must be taken to prevent the nation becoming burned out. Nowak said: “It’s time to tackle ever-increasing work intensity. That means strengthening enforcement so that workers can effectively exercise their rights. “It means introducing a right to disconnect to let workers properly switch off outside of working hours. “And it means making sure workers and unions are properly consulted on the use of AI and surveillance tech, and ensuring they are protected from punishing ways of working.”
Rebranding Twitter: the shaky history of corporate makeovers 2023-07-23 - Elon Musk has suggested he could swap Twitter’s bird logo, which has adorned the site since its earliest days, for an “X”. The site’s billionaire owner said the switch could come as early as Monday morning if a suitable replacement emerges in time. However, such an overhaul could prove highly risky, given the history of customer backlashes to previous high-profile corporate rebrands. Here we look at five of the most controversial: Pronounced A-ber-dee-n. Say it, Abrdn. There you go. Photograph: Standard Life Aberdeen/Reuters The asset manager Standard Life Aberdeen was roundly mocked in 2021 for shortening its name and removing vowels to produce Abrdn, pronounced “Aberdeen”. Yet despite the significant flak, the Edinburgh-based company whose history can be traced back to 1825 has stuck with its new name. Gap’s redesign was quickly abandoned. Photograph: google images The US clothing brand Gap was forced into a breakneck reversal of its logo change plans in the space of six days in 2010. Consumers were excoriating on social media about the new design, which swapped the familiar blue square containing the company’s name in skinny serif-font capitals with a black lower-case Helvetica “Gap” with a small blue square over the “p”. Oil giant BP unveiled a new sunburst logo in 2000, named the Helios mark after the Greek sun god, as it sought to rebrand itself as an environmentally aware energy firm. It said its name would stand in future for “beyond petroleum” rather than British Petroleum, but environmental campaigners were unimpressed and accused the firm of greenwashing. The Consignia logo, now Consignia-ed to history. Photograph: Graham Turner/The Guardian The centuries-old Royal Mail rebranded itself as “Consignia” in early 2001 after a two-year process to overhaul its image and afford a more modern appeal. But the £2m change was criticised as meaningless and lasted less than 18 months before it was scrapped. Groupe Eurotunnel is now known as Getlink. Who knew! Photograph: Hilda Weges/Alamy The French company that operates the Channel Tunnel changed its corporate name from Groupe Eurotunnel to Getlink in 2017, in a move which it said prepared the company for the post-Brexit era. Thought up by the firm’s directors, the company said the name was “very Anglo-Saxon”, but six years on many people still refer to it by its old moniker.
As Greece burns, we see the existential climate crisis dragged into shoddy UK party politics. That can’t happen | John Harris 2023-07-23 - One news story defines this summer: the fact that average global temperatures have recently reached record-breaking levels. Baking European weather is now seared into our consciousness in the form of those heat maps coloured red and orange; as wildfires spread across the Greek island of Rhodes, thousands of people have been evacuated. In the US, China and no end of countries besides, the idea of planetary heating as a looming threat whose worst effects might yet be averted feels like it is turning to ash. In the UK, unfortunately, the past 48 hours has seen a political story whose parochialist absurdity is off the scale: Conservative voices undermining the fragile cross-party consensus on reaching net zero by 2050 and calling for many of the UK’s tilts at climate action to be either slowed or stopped. The reason? The results of three parliamentary byelections – and, in particular, the views of 13,965 Conservative voters in the outer London suburbs. According to some Tories, Thursday’s defeats in North Yorkshire and Somerset highlight the public’s exasperation with Rishi Sunak’s government, which is inseparable from the impossible cost of living. But the Conservatives managed a wafer-thin win in Uxbridge and South Ruislip by mobilising opposition to the expansion of the capital’s ultra-low emissions zone (Ulez) and its levy on older cars – and here, we are told, lies a route to the party’s revival: abandoning such Tory policies as phasing out new petrol and diesel vehicles by 2030, and relentlessly attacking Labour’s increasingly embattled range of green proposals, centred on its £28bn-a-year climate investment pledge. The former business secretary Jacob Rees-Mogg says that “high-cost green policies are not popular”. Taking aim at supposed climate-related “costs, charges [and] taxes”, the chair of the Net Zero Scrutiny Group of Conservative MPs, Craig Mackinlay, insists that “there’s a lot to learn from Uxbridge – that a way to create some significant blue water between us and Labour is to rethink these charges and the net zero pathway” (note the disingenuousness of these messages: the Tory ban on onshore wind actually costs UK households £180 a year). The biggest intervention so far has come from the the levelling up secretary, Michael Gove, who used an interview with the Sunday Telegraph – and its front-page splash – to lay out his opinions, advising against “treating the cause of the environment as a religious crusade”, warning of a backlash from the public and suggesting what he calls a more “thoughtful environmentalism”. Kemi Badenoch, a potential Tory leader, has ‘expressed sceptical opinions about net zero’. Photograph: Thomas Krych/Zuma Press Wire/Shutterstock Gove’s is a mild, somewhat coded take. But among Tories on the hard right, hostility to climate action is a big part of what they have imbibed from Donald Trump and his populist fellow travellers in Europe. Rejecting big moves on carbon emissions also speaks to a certain kind of Tory’s devout belief in laissez-faire economics. Across the party, moreover, there is an increasingly madcap drive to fold the climate crisis into a kind of school-play version of the US’s culture war – something made plain last week when the overexcited energy secretary, Grant Shapps, wrote to Keir Starmer demanding that Labour pay for damage caused to his department’s building by climate activists, because it is nothing less than “the political wing of Just Stop Oil”. There are two big reasons why all this is so dangerous. First, even if the Tories lose power next year, there is a perfectly realistic chance of their return to government circa 2029 – possibly under the leadership of Suella Braverman or Kemi Badenoch, who have both expressed sceptical opinions about net zero. And that possibility highlights a much bigger point, which applies not just to the UK, but democracies across the world: the plain political fact that unless the necessity of meaningful climate action is understood on both the right and left, the sense of deepening disaster will only worsen. This is a lesson from the 20th century that the polarised mindset of the 21st seems to have almost completely sidelined, but it remains inescapable. There are at least modest flickers of hope. Tory supporters of climate action may tend to put too much faith in the wonders of markets, but the way that they counterbalance the anti-net zero crowd is undeniable. The membership of the Conservative Environmental Network, which exists to support “net zero, nature restoration and resource security”, includes 150 peers and MPs. The voguish Tory thinktank Onward has launched a “getting to zero” programme, centred on “developing practical and politically possible ways for the UK to meet its net zero ambitions and lead the world in decarbonisation”. Even if his actions barely matched his words, the reason Boris Johnson made a lot of noise about the climate was in keeping with his talent for self-promotion: here, he well knew, lay the key to styling himself as a Tory leader in tune with modernity. Such senior(ish) Conservatives as the former minister Chris Skidmore and Alok Sharma, the chair of the Cop26 summit, share that belief, but have a much more sincere and serious approach. Not that Tory MPs are known for taking advice from Guardian columnists, but the gravity of the situation surely demands that one of them stand in the next Tory leadership election, and make their points loud and clear. If they don’t, their party’s tendency to ignore the imperatives of a burning planet and oppose climate action for the most cynical reasons will only worsen, with consequences for the entirety of politics. In the wake of the Uxbridge result, for example, Starmer claimed that “in an election, policy matters. And we’re doing something very wrong if policies put forward by the Labour party end up on each and every Tory leaflet.” Beyond Ulez, there is a bigger context for that quote: the fact that the Labour leadership has already postponed and diluted its party’s green platform, and there are clearly people around Starmer who want rid of any emphasis on climate action, for fear of the exact attacks that Tories are now suggesting. Therein lies the increasing awfulness of the UK’s climate politics, but amid the summer’s awful heat, any solution needs action from both sides – which means that Conservatives with a conscience will have to find their voice, and fast.
An ex-Guantanamo Bay detainee says he still remembers Ron DeSantis smiling at him from behind a fence while he was being force-fed: 'You cannot forget that' 2023-07-23 - An ex-Gitmo detainee said Ron DeSantis smiled at him as he was being force-fed, per The Daily Beast. The remarks come from an unaired documentary transcript detailing DeSantis' time as a Navy lawyer. "I cannot forget when he was there watching us with the force-feeding," the ex-detainee said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy An ex-Guantanamo Bay detainee says he remembers, to this day, how Florida Gov. Ron DeSantis smiled at him from behind a fence while watching him get force-fed, per the Daily Beast. The Daily Beast reported on Saturday that they obtained a verified transcript of an unaired VICE documentary titled "The Guantanamo Candidate." This included an interview with a former Guantanamo Bay detainee, Mansoor Adayfi, who was suspected of being an al Qaeda operative before his release in 2016. Adayfi now lives in Serbia. Adayfi said he first met DeSantis in 2006 when the Florida Republican went to Guantanamo along with several groups who'd "arrived to bring the camp under control." At the time, Adayfi and the other detainees were on a hunger strike to protest against their imprisonment, per Adayfi's account. DeSantis, who was then a US Navy lawyer, was providing legal advice to the detention center. "As I'm looking at you now, I could see them standing behind the fence, watching and looking at us," Adayfi said, per the transcript, adding that DeSantis was "smiling." "While being you, screaming and shouting and bleeding and like, throwing up and shitting on yourself, and someone is smiling at you? You cannot forget that," Adayfi continued. Adayfi added in the documentary interview that he came across DeSantis' photo years later, and saw his name. "I cannot forget when he was there watching us with the force-feeding," he said. "You cannot forget that because those people left really bad scars in your soul." Showtime pulled the documentary before it was slated to air on May 28, per The Hollywood Reporter. A Showtime representative told The Hollywood Reporter that they "don't comment on scheduling decisions." The television network also did not explain why the episode was dropped. DeSantis has denied participating in or authorizing the force feeding of people imprisoned at Guantanamo Bay. This stands in stark contrast to a 2018 CBS interview, during which DeSantis told a reporter that JAG legal advisers told Guantanamo Bay commanders that people "can force-feed" and laid out the "kind of the rules for that." The Washington Post separately reported in March that DeSantis had a close look at disturbing incidents that happened at the camp, citing two former detainees, base officials, and defense lawyers. And in April, the governor lost his cool with a reporter while being questioned about Adayfi's claims at a press conference. "Do you honestly believe that's credible?" DeSantis said in April. "I'm a junior officer, do you honestly think that they would've remembered me?" DeSantis' denial came after Adayfi wrote in an Al Jazeera op-ed in April that DeSantis witnessed him being strapped to a chair and force-fed through a feeding tube. "As I tried to break free, I noticed DeSantis's handsome face among the crowd at the other side of the chain link. He was watching me struggle. He was smiling and laughing with other officers as I screamed in pain," Adayfi wrote. In the Al Jazeera piece, Adayfi said DeSantis wasn't the person who ordered that the hunger strike be broken violently — he just watched. "He was just a guy who claimed he was there to help us and then just watched while we were being tortured," wrote Adayfi. "He did not torture me, but he sure seemed to take joy from it," Adayfi added. Representatives for the DeSantis campaign did not immediately respond to a request for comment from Insider sent outside regular business hours.
More than 2,000 dead penguins washed up on Uruguay's coast. A bird expert says they can't pinpoint a cause. 2023-07-23 - Over 2,000 dead penguins have washed up on the shores of Uruguay. The birds have tested negative for the avian flu, leaving experts guessing at causes of death. Environmental experts suggested overfishing practices could be to blame. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy A mysterious and alarming scene has greeted beachgoers of eastern Uruguay for the last ten days, as about 2,000 penguins have washed up dead for no discernible reason. According to reporting from The Science Times, the birds, which are Magellanic penguins, have all tested negative for the avian flu, ruling out a common cause of mass death in bird species. According to the Times, Magellanic penguins can be found across the Pacific and the Atlantic, with concentrations in the Falkland Islands, Chile, and Argentina. The Times added that they move north in colder temperatures to find warmer water and food. The birds grow to about 24 inches and weigh between six and 14 pounds. Ninety percent of the dead birds are young and have empty stomachs and no fat reserves, according to comments to the Times from Head of the Department of Fauna at Uruguay's Environment Ministry, Carmen Leizagoyen. Leizagoyen added that such large numbers of the birds dying is unexpected and abnormal and said the deaths occurred in the water before the birds washed up on the shore. She also cited another "die-off" incident that occurred in 2022 in Brazil, in which the cause of deaths of the penguins were also unable to be determined. According to reporting from NDTV, some environmental advocates, like SOS Marine Wildlife Rescue's Richard Tesore, speculate that the deaths could be caused by overfishing and various illegal fishing practices. Tesore also told NDTV that a subtropical cyclone hit southeastern Brazil in mid-July, which may have already caused weaker animals to die off. Tesore added that he found other dead animals on the beach, like seagulls and sea turtles. The tragic incident is just one in a string of bizarre marine events over the summer, with the most notable being a string of incidents involving killer whales that have bumped into and, in some cases, sank sailboats off the Iberian coast. Uruguay's Ministry of Environment did not respond immediately to Insider's request for comment, sent outside of working hours on the weekend.
Russia and Iran's 'unprecedented' military ties worried the US, but it's starting to look like Russia can't hold up its end of the deal 2023-07-23 - Iran has supported Russia by providing it with arms to use in Ukraine. That has worried the US, which sees it as part of a growing Russian-Iranian defense partnership. But there are signs that Moscow may not deliver on the agreements it has made with Tehran. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Less than a year ago, the White House was warning of "unprecedented" military ties between Russia and Iran, but today, there are signs of increasing friction, with Moscow proving to be an unreliable partner. Late last year, as Russia risked depleting its missile stockpiles after months of fighting in Ukraine, Iran agreed to supply Moscow with arms, mostly Shahed-136 one-way attack drones, which Russia has used in attacks on Ukrainian cities and infrastructure. In December, National Security Council spokesman John Kirby said Iran and Russia were forging "a full-scale defense partnership" that would threaten the Middle East and the wider world. Kirby said "support is flowing both ways," with Moscow providing Tehran "an unprecedented level of military and technical support." As part of this burgeoning partnership, Iran expected to receive an unspecified number of Russian Su-35 jets, along with helicopters and even advanced S-400 air-defense systems. Yet there is no indication Iran has received any equipment or will receive any of it the foreseeable future. Iranian MiG-29s during the Army Day military parade in Tehran in April 2008. REUTERS/Morteza Nikoubazl Analysts expected Iran would receive at least 24 Su-35s — aircraft Russia built for Egypt as part of an order that was later canceled — in the near future, but in recent statements, Iranian officials have gone from expressing optimism that the first jets would arrive in a matter of months, if not weeks, to making comments that suggest they are unsure if the jets will arrive in the coming years. In a damning report published on July 13, Tehran-based journalist Saeed Azimi cited one current and one former Iranian diplomat who, under condition of anonymity, told him that Iran "fully paid" for 50 Su-35s during the second term of former President Hassan Rouhani, who left office in August 2021. While the figure of 50 Su-35s had not been disclosed prior to Azimi's article, it fits with Iran's longstanding estimate that it needs 64 new fighters to modernize its aging fleet, which is mostly composed of US-made jets acquired before the 1979 revolution. Moscow promised delivery of the Su-35s by 2023, which the diplomats quoted by Azimi doubt will happen. "Iranian officials feel embarrassment over Russia's failure to adhere to commitments," Azimi wrote. Putin and Rouhani at a summit in Aktau, Kazakhstan in August 2018. Sputnik/Alexei Nikolsky/Kremlin via REUTERS As if to add insult to injury, in July, Moscow backed a joint statement by the Gulf Cooperation Council that supported the United Arab Emirates' claim over Abu Musa, Greater Tunb, and Lesser Tunb, three small but important islands in the Persian Gulf near the Strait of Hormuz. Iran has controlled the islands since 1971, seizing them after the British left the region. The UAE, formed the same year, has claimed them ever since. Iran summoned Russia's ambassador and asked Moscow to "correct its position," which Tehran no doubt views as unacceptable interference in its internal affairs. By supporting the GCC statement, Russia is demonstrating how it still aims to balance relations with Iran and the Arab Gulf states, despite its ostensible strategic partnership with the former. Moscow has important economic ties with those Arab states that have only grown since its attacked Ukraine last year. Interestingly, in response to Russia's move, Iranian state-run media played down their partnership, saying it was merely tactical and that Moscow is not a strategic ally. The head of Britain's Secret Intelligence Service, Richard Moore, said this week that Iran was seeking cash by selling arms to Russia, which seems to bolster earlier reports that Tehran sold Moscow drone technology for $900 million, paid in US dollars, and suggests the Iranians seek a transactional relationship with the Russians rather than a strategic defense partnership. An S-200 surface-to-air missile at a base south of Tehran in November 2009. REUTERS/FARS NEWS/Ali Shayegan While Iran has never armed Russia to the extent it has in recent months, Moscow has sold Tehran considerable military hardware in the past. After the Iran-Iraq war ended in August 1988, the Soviet Union gave Tehran a "blank check" to buy any conventional armaments it wanted. At the time, the Soviets were offering 72 MiG-29 and 24 MiG-31 fighters and 36 Su-24MK tactical bomber. However, Tehran was strapped for cash after the eight-year war with its neighbor and could only afford a smaller number of MiG-29s and Su-24MKs, as well as S-200 air-defense systems. Moscow delivered the aircraft in 1990 and 1991. Those sales were recently described as "the most important acquisition of military technology by the Islamic Republic until now and perhaps even as of now." Russian arms sales to Iran have continued but haven't reached the level of that briefly amicable period, when Moscow and Tehran weren't even allies and had no formal alliance or partnership like they purportedly do today. Russia sold Iran only six relatively low-tech Su-25 attack planes in the 2000s. In 2007, Iran signed an $800 million contract for Russian S-300 air-defense systems, but Moscow refused to deliver them for almost a decade, only transferring them in 2016. Iranian Su-24 jets during the Army Day parade in April 2012. ATTA KENARE/AFP via Getty Images The UN arms embargo on Iran officially expired in October 2020, leaving no international restrictions that Russia could use as a pretext for refusing to deliver weapons for which Iran has reportedly already paid. With their partnership looking more and more one-sided, Iranians may ask what they are getting militarily or politically from aiding Russia. Moore and his US counterpart, CIA director William Burns, say there are already signs of that. "Iran's decision to supply Russia with the suicide drones that mete out random destruction to Ukraine's cities has provoked internal quarrels at the highest level of the regime in Tehran," Moore said on Wednesday. The US has also seen signs, Burns said Thursday, that "Iranian leadership has hesitated about supplying ballistic missiles to the Russians, which was also on their wish list as well, partly because they're concerned not just about our reaction but about European reaction as well." Paul Iddon is a freelance journalist and columnist who writes about Middle East developments, military affairs, politics, and history. His articles have appeared in a variety of publications focused on the region.
Republicans are being throttled in college towns across the country, imperiling their competitiveness in key states 2023-07-23 - Republicans are more and more faltering in college towns. Counties where Democrats used to post modest wins have now become routine blowouts for the party. In recent cycles, the GOP has struggled with suburban and college-educated voters, an issue the party must address. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy In decades past, an array of US counties that contain some of the country's most prominent college towns were often closely split between Democrats and Republicans, reflective of the more liberal-oriented university centers and more moderate-to-conservative suburbs and exurbs balancing each other out. But as many of these towns and cities have grown in population, combined with the Democratic Party's dominance among college-educated voters and those with advanced degrees, many of these counties have begun to rack up huge margins for Democratic candidates up and down the ballot. These wins are poised to threaten GOP competitiveness in key states like Georgia and Wisconsin in 2024 and beyond. While Georgia has trended Republican for decades on the statewide level, the growing liberal strength in Athens — home of the University of Georgia — has boosted Democratic margins in Clarke County overall. In 2000, then-Vice President Al Gore beat then-Texas Gov. George W. Bush in Athens-Clarke County 52.5%-41%, a solid victory for a Democratic candidate. As the years went on, the margins moved dramatically in the Democratic direction as the party's presidential nominees won increasingly larger shares of the vote in Athens-Clarke County, even as Georgia remained a GOP-leaning state. And the Peach State was also changing. In 2020, now-President Joe Biden won Georgia by roughly 12,000 votes over then-President Donald Trump, flipping the Deep South state into the Democratic column. And Biden won Athens-Clarke with a whopping 70%-28% victory, posting a nearly 22,000-vote margin over Trump. As Democrats continue to make inroads in Atlanta and its populous suburbs, margins like those in Athens-Clarke will make the difference for both parties. With Democrats more aligned with most young votes on issues like voting rights, reproductive rights, student debt relief, climate change, and health care reform, the party has been able to cut into statewide margins to a degree that Republicans can no longer ignore if they want to remain viable as a party in key swing states. Wisconsin is a similar scene. As one of the most politically-divided states in the country, even a slight shift in votes can affect statewide vote totals. In 2016, Trump won Wisconsin by less than 1 percent of the vote. Four years later, Biden also won the state by less than 1 percent of the vote. And last year, GOP Sen. Ron Johnson won reelection to a third term over then-Democratic Lt. Gov. Mandela Barnes, but the race was decided by roughly 27,000 votes — or 1 percentage point. Madison — the capital of Wisconsin and home to the flagship University of Wisconsin campus — has continued to attract new residents, fueling Democratic margins in fast-growing Dane County. In 2000, Gore won Wisconsin by less than 6,000 votes (48.8%-48.6%) and won Dane by nearly 67,000 votes (61%-33%) over Bush. But 20 years later, the Democratic coalition had shifted to one driven by urban and suburban voters. In 2020, Biden won Wisconsin by roughly 20,000 votes (49.45%-48.8%) while he romped in Dane, winning the county with a 181,000-vote edge (75%-23%) over Trump. Despite Trump's strength in many of the state's rural areas, Biden performed well enough in Dane and Milwaukee counties to flip Wisconsin in 2020. Recently, Republican strategist Mark Graul — who ran Bush's 2004 campaign operation in Wisconsin — told Politico such developments present a major challenge for the GOP. "This is a really big deal," he told the outlet. "What Democrats are doing in Dane County is truly making it impossible for Republicans to win a statewide race."
Sunak promises new focus on inner-city housebuilding projects 2023-07-23 - Inner-city areas will be the focus of new housebuilding projects, Rishi Sunak has announced, in a move designed to signal sympathy with those struggling to get on the property ladder but avoid a backlash from Tory MPs. The prime minister promised not to “concrete over the countryside”, before a speech by the housing secretary, Michael Gove, who will set out changes on Monday to help homeowners extend their properties and streamline the planning process. A new “super squad” of planners and other experts will be established, tasked with unblocking major housing developments. Amid concerns that a lack of housebuilding is holding back economic growth and making younger voters less likely to support the Conservatives, Sunak said he was confident the 2019 Conservative manifesto pledge to build 1 million homes over the course of the parliament would be met. Top of the priority list for development is a new urban quarter in Cambridge, with space for homes, art facilities, laboratories and green areas. Sunak said progress had made been made but that “we need to keep going because we want more people to realise the dream of owning their own home”. He added: “We won’t do that by concreting over the countryside – our plan is to build the right homes where there is the most need and where there is local support, in the heart of Britain’s great cities. “Our reforms today will help make that a reality by regenerating disused brownfield land, streamlining the planning process and helping homeowners to renovate and extend their houses outwards and upwards.” Stuart Baillie, the of planning at property firm Knight Frank, said the move was “unlikely to have meaningful impact on housing supply” and would only create hundreds of new homes instead of the thousands needed. He added: “This policy will only paper over the cracks, instead of getting to the heart of the issue facing the UK’s overburdened and under-resourced planning system. In many instances, residential amenity would be compromised by a town centre location – particularly ground floor retail – meaning conversion or redevelopment would be limited to fringe and out-of-town areas.” The announcement comes only two weeks after a cross-party committee ruled ministers were unlikely to meet the government’s pledge of building 300,000 new homes a year. That target was made advisory rather than mandatory by Sunak last year, in an attempt to see off a potential backbench rebellion. Clive Betts, the chair of the levelling up, housing and communities select committee, said the prime minister’s decision was “already having a damaging impact on efforts to increase the building of new homes”. skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion On Monday, while Sunak is on a visit to the West Midlands, Gove will deliver a speech in London and promise to cut red tape. The changes will allow more shops and takeaways to be converted into houses, and are aimed at making it simpler for existing homes to be extended. To unblock bottlenecks in the planning system, Gove will announce an intention to invest £24m in a planning skills delivery fund. In an interview with the Sunday Telegraph, the housing secretary said the proposals would start with Cambridge before spurring the creation of new homes in cities such as Birmingham, Manchester and Liverpool. Labour accused Gove and Sunak of exacerbating the housing crisis. Lisa Nandy, the shadow housing secretary, said it had “gone from bad to worse on [the Conservatives’] watch” and that housebuilding was on course to hit its lowest rate since the second world war. She promised Labour would restore housing targets, change compulsory purchase rules and “take the tough choices to back the builders, not the blockers”. Shaun Davies, the chair of the Local Government Association, said new homes were much needed but such places as shops, offices and barns were not always suitable for conversion. “Further expanding permitted development rights risks creating poor quality residential environments that negatively impact people’s health and wellbeing, as well as a lack of affordable housing or suitable infrastructure,” he said.
Pacific Seabed Mining Delayed as International Agency Finalizes Rules 2023-07-23 - The effort to postpone the start has been led by nations including Costa Rica, Chile and France. The three nations urged other countries that are members of the Seabed Authority’s governing council to agree that no permit authorizing mining in international waters should be granted until regulations are finalized. This will now not likely take place until 2025 at the earliest, the body agreed. “We are on the side of the ocean,” said Gina Guillén Grillo, Costa Rica’s representative to the Seabed Authority who has helped lead the opposition to seabed mining. “We know there is not enough science. To start right now would be a disaster.” Gerard Barron, the Metals Company’s chief executive, said he remained optimistic that his company and its partner, Nauru, would secure the approval they needed to start the effort within the next several years. While the Seabed Authority continues its work to determine environmental standards, as well as a royalty rate that will be paid by the mining contractors, among other matters, the Metals Company will continue to lobby other nations, Mr. Barron said. The company will aim to convince them that ocean floor mining is better for the environment than surface mining in places like Indonesia or Congo, where battery metals such as nickel, cobalt and copper are now being produced. “Hopefully, we can keep the timetable on track,” Mr. Barron said. The Metals Company and Nauru, along with the delegation from China, which also has been aggressively pursuing seabed mining, pushed unsuccessfully at last week’s meeting for the Seabed Authority to set a goal of finalizing the regulations by 2024.
Thousands flee Greek island of Rhodes as wildfires threaten hotels – video report 2023-07-23 - Wildfires on the Greek island of Rhodes triggered an emergency evacuation of at least 19,000 people. More than 3,000 were rescued from beaches by ferries, private boats and coastguard vessels. Another 16,000 were taken to safety on land as flames intensified in the south-eastern region. The blaze, which began six days ago, prompted the biggest wildfire evacuation in Greek history, according to government officials. Video posted to social media showed thousands of people walking with suitcases for miles, heading for the evacuation vehicles as hotels and residential homes burned down
How Do the White House’s A.I. Commitments Stack Up? 2023-07-22 - This week, the White House announced that it had secured “voluntary commitments” from seven leading A.I. companies to manage the risks posed by artificial intelligence. Getting the companies — Amazon, Anthropic, Google, Inflection, Meta, Microsoft and OpenAI — to agree to anything is a step forward. They include bitter rivals with subtle but important differences in the ways they’re approaching A.I. research and development. Meta, for example, is so eager to get its A.I. models into developers’ hands that it has open-sourced many of them, putting their code out into the open for anyone to use. Other labs, such as Anthropic, have taken a more cautious approach, releasing their technology in more limited ways. But what do these commitments actually mean? And are they likely to change much about how A.I. companies operate, given that they aren’t backed by the force of law?
Adding to unsettling pattern, Trump promotes threatening video 2023-07-21 - During his re-election campaign in 2020, Donald Trump reflected on his message to Iran. “If you f--- around with us, if you do something bad to us, we are going to do things to you that have never been done before,” the then-president said. The same quote returned to the fore yesterday — but as HuffPost noted, this time the comments were part of a very different context. Donald Trump on Thursday reposted a video on his Truth Social platform in which he is heard saying: “If you f--- around with us, if you do something bad to us, we are going to do things to you that have never been done before.” The former president’s threatening words play over a black-and-white image of his face and his 2024 campaign logo. The context related to Iran, of course, was omitted. Instead, the former president promoted the video as he prepares to get criminally indicted for the third time this year. What’s unsettling is the frequency with which the Republican dips his toes in these waters. Last summer, for example, after the FBI executed a court-approved search warrant at Mar-a-Lago, the former president wrote that he didn’t know “how much more our Country will be willing to withstand.” He used similar rhetoric in November. A month later, he added, “THE PEOPLE OF THIS COUNTRY AREN’T GOING TO TAKE IT MUCH LONGER.” Around the same time, conservative host Hugh Hewitt asked about a possible criminal indictment. “I think if it happened, I think you’d have problems in this country the likes of which perhaps we’ve never seen before,” Trump said. “I don’t think the people of the United States would stand for it. ... I think they’d have big problems, big problems. I just don’t think they’d stand for it.” Note, Trump didn’t come right out and explicitly say his radicalized followers would commit acts of political violence. That certainly appeared to be the intended subtext, and there was no great mystery about his meaning, but the former president showed at least some rhetorical restraint. Nevertheless, in February, the Republican took additional steps down the same path, promoting an online message from a supporter who threatened to “physically fight” for Trump. The same missive concluded with a “locked and loaded” warning. A month later, Trump publicly derided calls for “peace,” while suggesting that his indictment would raise the prospect of “death [and] destruction” that “could be catastrophic for our Country.” The same week, an NBC News reporter asked the former president whether he believed political violence would be “justifiable.” Trump responded, “Well, I will say this. No, I don’t like violence, and I’m not for violence at all. But a lot of people are upset, and you know, they rigged an election, they stole an election, they spied on my campaign. They did many bad things.” As a rule, when someone says, “I’m not for violence at all, but...” there’s a rather obvious problem. This week, Trump kept this going. Asked about the prospect of incarceration as a result of his many alleged felonies, the former president added, “I think it’s a very dangerous thing to even talk about, because we do have a tremendously passionate group of voters, much more passion than they had in 2020 and much more passion than they had in 2016. I think it would be very dangerous.” It was the next day when the Republican promoted a video that quoted him saying, over an image of his face and his campaign logo, “If you f--- around with us, if you do something bad to us, we are going to do things to you that have never been done before." As part of an analysis of his incendiary rhetoric, a recent Washington Post report added, “There is now no denying that such language, even if you somehow regard Trump’s intentions as innocent, can lead to a very dark place.” If Trump is concerned about such consequences, he’s hiding his fears well. This post updates our related earlier coverage.
EUR/USD Forecast – Euro Continues to Consolidate 2023-07-20 - EUR/USD Forecast Video for 20.07.23 Euro vs US Dollar Technical Analysis In Wednesday’s trading session, the euro experienced a modest rally, breaching the 1.1250 level but showing signs of uncertainty. As market participants grapple with the impact of diverging monetary policies and inflation concerns, evaluating the euro’s trajectory becomes crucial. This article explores the prevailing factors influencing the euro’s performance and identifies potential buying opportunities amid short-term pullbacks. The ongoing debate surrounding the monetary policies of the Federal Reserve and the European Central Bank has become a focal point for traders. Speculation suggests that the Federal Reserve may adopt a more accommodative stance at a faster pace compared to their European counterparts. This perception has been a driving force behind the recent upward trajectory of the euro. Given its status as the “anti-dollar,” closely monitoring the performance of the US dollar against other currencies becomes vital in determining the direction of the euro. In fact, it is a majority of the weighting in the US Dollar Index. Should a pullback occur, several support levels may attract buyers’ attention. These include the 1.12 level, followed by the 1.11 level, and ultimately, the 50-Day Exponential Moving Average. A breakdown below the 50-Day EMA would signify a potential shift in the trend. Currently, adopting a “buy on the dip” strategy seems more prudent, or alternatively, anticipating a sideways market to temper excessive market fervor. While a market correction may eventually materialize, attempting to short the market may not be advisable given its evident bullishness. Instead, it is wise to wait for a favorable value proposition to emerge. Pursuing the trade at its current elevated levels could prove challenging and potentially expensive. The euro has demonstrated resilience in the face of uncertainties, but careful monitoring of inflation concerns and the divergent monetary policies of the Federal Reserve and the European Central Bank remains crucial. The euro’s performance continues to be influenced by inflation concerns and the diverging monetary policies of the Federal Reserve and the European Central Bank. As the “anti-dollar,” the euro’s trajectory is closely tied to the performance of the US dollar against other currencies. While potential pullbacks present buying opportunities, caution is advised, and patience in identifying value propositions will likely yield more favorable outcomes for those considering euro investments. For a look at all of today’s economic events, check out our economic calendar. This article was originally posted on FX Empire More From FXEMPIRE:
Tesla stock is worth only $85 after gross margin whiff, analyst says: Wall Street reacts 2023-07-20 - After Tesla's mixed second quarter, which featured a bad whiff on gross profit margin thanks to a steady drumbeat of price cuts, one Wall Street analyst is coming out blasting on the the EV maker's stock. "I still think Tesla is egregiously overvalued right now," Roth Capital Partners Tesla bear Craig Irwin said on Yahoo Finance Live (video above). Coming into the earnings release late Wednesday, Irwin had an $85 price target on Tesla, suggesting downside potential of a whopping 71%. Tesla shares fell 3% to $281.55 in pre-market trading on Thursday. The company's ticker page was the most active on the Yahoo Finance platform. The analyst didn't rule out slashing his price target further owing to Tesla's various profit challenges — ranging from price cuts to increased investments in AI software and Cybertruck production. Irwin added: "We're very bearish on Tesla. We think people are much better off looking at many of the other names either in conventional auto manufacturers or some of the emerging players as opportunities for investment." Tesla's results had a little bit of red meat for bulls and bears. On the bullish side of the ledger, Tesla's sales of $24.9 billion easily beat analyst forecasts for $24.51 billion. Earnings per share of $0.91 topped forecasts for $0.81, and marked a 45% increase from a year ago. The company reiterated its 1.8 million vehicle production expectation for the year. For the bears, Tesla's gross profit margin of 18.2% fell shy of estimates for 18.8%. The figure represented another continued decline from the fourth quarter 2022 peak of 24%. Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon CEO Elon Musk struck a downbeat tone on the economy, again. "One day it seems like the world economy is falling apart. And the next day everything's fine. I don't know what the hell is going on," Musk told analysts on the earnings conference call. Tesla shares fell 3% to $281.55 in pre-market trading on Thursday. The company's ticker page was the most active on the Yahoo Finance platform. Here's what else Wall Street is saying about Tesla's quarter. Wall Street Reacts Wedbush analyst Dan Ives (Buy rating; $300 price target): "Tesla delivered its June quarter results where the company saw beats on the top and bottom lines following multiple rounds of aggressive price cuts has put Tesla in a position of strength after building its EV castle and now is set to further monetize its success. The automotive ex-credits gross margin beat was front and center and is clearly an indication that Musk & Co. continue to play chess while other EV players are playing checkers. Overall this was a goldilocks 2Q print by Musk & Co. given all the noise surrounding the story heading into this quarter." Citi analyst Itay Michaeli (Neutral rating; $278 price target): "A mixed outcome that aligns with our previewed neutral-to-slightly negative setup. Q2 revenue ~1% ahead and gross margin in-line, but GAAP operating profits and free cash flow below. EPS beat but largely on a below-the-line gain. The outlook commentary didn’t shed much light on the second half margin bridge but Q3 is expected to face some factory downtime (for upgrades) that could yield some inefficiencies. The future role of AV/full self driving was once again heavily emphasized on the call—a view that fully aligns with our own industry thesis around AV/AI being the biggest value unlock in this race. Still, for this to anchor the Tesla investment thesis, we’d need to see more evidence of full self driving progress (including on the licensing front) given Tesla’s unique approach. We expect the shares to trade modestly lower as the current valuation likely needed a stronger Q2 outcome. That said, no major surprises here either." Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com. For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here Read the latest financial and business news from Yahoo Finance
Tesla Sinks as Musk Warns of More Blows to Profitability 2023-07-20 - (Bloomberg) -- Tesla Inc. shares dropped in early trading after the carmaker warned of more hits to its already-shrinking profitability. Most Read from Bloomberg Chief Executive Officer Elon Musk said Tesla will have to keep lowering the prices of its electric vehicles if interest rates continue to rise. Months of markdowns have already taken a toll on automotive gross margin, which fell to a four-year low in the second quarter. In addition to potentially having to budge further on pricing, Tesla is pouring money into new models, including the behind-schedule Cybertruck, plus Dojo, the in-house supercomputer Musk plans to spend at least $1 billion on by the end of next year. While Tesla remains on track to produce around 1.8 million vehicles in 2023, output will dip this quarter due to factory upgrades. The CEO downplayed the thinner profit margins as short-term speed bumps. Investors still reacted negatively, with the stock falling as much as 4.2% before the start of regular trading Thursday. “It does make sense to sacrifice margins in favor of making more vehicles, because we think in the not-too-distant future they will have a dramatic valuation increase,” Musk said, referring to his belief Tesla will eventually offer autonomous-driving capability that will make already-sold cars worth more. Read More: Musk Says Tesla to Spend Over $1 Billion on Dojo While Tesla exceeded expectations for both earnings per share and revenue, the results undermined confidence that margins have bottomed, Jefferies analyst Philippe Houchois said in a note to clients. The carmaker’s profit, excluding some items, came to 91 cents a share, more than the 81 cents that analysts estimated. Revenue rose 47% to $24.9 billion, better than the consensus expectation for $24.5 billion. In January, Chief Financial Officer Zachary Kirkhorn said Tesla expected to maintain a more than 20% automotive gross margin, excluding revenue from regulatory credits. He walked back that forecast in April, after the company dipped below the threshold at the start of the year. Automotive gross margin excluding credits slipped further to 18.1% last quarter, the lowest since the second quarter of 2019. Inventory Buildup Adding to Tesla’s challenges is its growing inventory of cars. The Austin-based company said it now has 16 days’ worth of supply globally, up from 15 days last quarter and just four days a year ago. Inventory continued to build despite steep discounts on Tesla’s best-selling models, and perks including free charging that the carmaker offered consumers. Musk declined to go into details on the degree to which Tesla’s production will drop in the third quarter. In January, he said there was potential for the company to make closer to 2 million cars this year. Cybertruck While analysts have said new models like the Cybertruck could help Tesla maintain its sales-growth rate, the pickup won’t be available in large volumes until next year. The first vehicle rolled off the line in Tesla’s Austin factory just recently, the company said over the weekend. On Wednesday, Tesla clarified that Cybertrucks being built now are actually “release candidates” and not for sale. The company didn’t offer any updates about pricing or specifications and reiterated that it expects to start deliveries later this year. Musk also touted progress toward Tesla potentially making its driver-assistance software available to other automakers. The CEO said Tesla is in early discussions about licensing its system to a major manufacturer that he didn’t name. (Updates with conference call details from second paragraph. An earlier version of this story corrected the automotive gross margin.) Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.
XRP Moving Above 'Cloud' Resistance is Bullish Precedent for Bitcoin: Analyst 2023-07-20 - Payments-focused XRP has set a bullish precedent for market leader bitcoin (BTC) with a move above key price resistance that has opened doors for a sustained rally. XRP surged nearly 60% last week, registering its best performance since August 2021. The rally saw prices move convincingly above a technical analysis indicator called "Ichimoku cloud" on the weekly chart, confirming a bullish breakout. Bitcoin (BTC) is yet to achieve that feat. "We view [XRP's] cloud breakout as a good example for bitcoin," founder and managing partner at Fairlead Strategies said in a note to clients. The Ichimoku Cloud, a technical analysis indicator created by Japanese journalist Goichi Hosoda in the late 1960s, is widely used by traders and analysts to identify support and resistance levels and gauge trend changes. The indicator comprises five lines based on the price's moving averages: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K) and a lagging closing price line. The spread between the Leading Span A and the leading Span B represents the cloud. Crossovers above or below the cloud are widely taken to represent bullish or bearish trend change. XRP has established a foothold above the Ichimoku cloud, while bitcoin remains locked in a narrow range below the cloud resistance (upper end).The token's breakout follows a year-long consolidation or basing pattern and suggests more gains ahead. "The move is meaningful on the chart because it resolves a year-long basing process higher. Intermediate-term momentum is positive and there are (surprisingly) no signs of upside exhaustion, supporting upside follow-through, with next resistance near $0.92," Stockton noted. A similar bullish outlook awaits bitcoin on the higher side of the Ichimoku cloud, with the next resistance level at $31,900. At press time, XRP changed hands at 83 cents, while bitcoin traded near $30,000.
The only reason to buy Tesla stock has nothing to do with its EV business, market strategist says 2023-07-20 - The only reason to buy Tesla stock has nothing to do with its EV business, market strategist says A screenshot from Tesla's 2016 self-driving car ad showing the car stopped at a red light. Tesla Tesla competes in an industry that has not been kind to its investors over the past few decades. Shares of General Motors, Ford, Honda, and Mercedes are trading at the same price today as they were over a decade ago. When it comes to Tesla stock, the only reason to buy has nothing to do with its electric vehicle business. Tesla stock has soared 142% year-to-date and its valuation has cruised past $900 billion as investors cheer the company's continued growth in its electric vehicle deliveries. But according to a Wednesday note from DataTrek Research co-founder Nicholas Colas, there's only one reason to buy Tesla stock at its current levels, and it has nothing to do with its EV business. The car industry is difficult to compete in, as evidenced by the current stock prices of legacy automakers, he observed. Shares of Ford and Mercedes are trading at the same prices today as they were in in the 1990s, Honda is where it was in January 2006, and General Motors is at August 2013 levels. Clearly, investors have not been rewarding auto companies for simply selling millions of cars every year, even as legacy automakers transition their fleet to fully electric vehicles. So when it comes to Tesla stock, don't just look at its EV sales, according to Colas. To buy Tesla at its current valuation of $918 billion and expect further upside, an investor has to believe that the company's self-driving technology is close to reaching a truly autonomous threshold that can enable the robotaxi thesis commonly echoed by Ark Invest's Cathie Wood. Colas estimated that about $600 billion to $700 billion of Tesla's current market value is "a call option on autonomous driving." "Even Elon Musk himself has said Tesla is worth almost nothing without this technology. If and when autonomous is ready for prime time, Tesla should be there first or at least early. That is a trillion-dollar opportunity at the very least. But it is also an incredibly difficult challenge to make a truly self-driving car," Colas said. The remaining $200 billion to $300 billion of Tesla's current market valuation is assigned to the company's EV business, which is comparable to Toyota's current market valuation. Both Toyota and Tesla "will almost certainly be around in 20 years making cars. I cannot confidently say the same thing about any other auto company in existence today. That's how hard the next two decades will be on this industry," Colas said. That means if Tesla fails to deliver on full autonomous driving technology, its stock could plunge about 70% based on Colas' valuation model. "The investment takeaway is pretty clear cut: avoid traditional auto stocks, and only overweight Tesla if you have a degree of conviction that Musk and his team can soon deliver a truly autonomous vehicle," he said. Read the original article on Business Insider
Powerball jackpot: A ticket sold in California has won the $1.08 billion grand prize 2023-07-20 - CNN — A ticket sold in California has won the $1.08 billion Powerball jackpot in Wednesday night’s drawing – among the largest in the game’s history, according to Powerball’s website. The winning numbers were 7, 13, 10, 24, 11 and the Powerball was 24. The lucky ticket holder will have the choice between an annuitized prize of $1.08 billion or a lump sum payment of $558.1 million, both before taxes, according to Powerball. The ticket was sold at Las Palmitas Mini Market in downtown Los Angeles, according to the California Lottery. Wednesday’s prize ranks as the seventh largest US lottery jackpot and third largest Powerball jackpot, behind the world record $2.04 billion Powerball jackpot won last year in California, and the $1.586 billion Powerball jackpot won in 2016, according to the lottery. Though a single ticket won the jackpot, players are being advised to check their tickets on the chance they won one of the other prizes. In addition to Wednesday’s big winner, 36 tickets sold across 16 states matched all five white balls to win what in most states will be $1 million prizes, according to a Powerball news release. Seven of those tickets were sold in California, where the prizes will be $448,750, according to California’s lottery site. Non-jackpot prizes in California vary depending on number of winners and ticket sales, and so will differ from fixed prizes shown on Powerball’s site. The odds of winning the jackpot are 1 in 292.2 million, Powerball says on its website. Before Wednesday’s win, there had been 38 consecutive drawings without a jackpot winner since Powerball’s April 19 drawing, when a ticket in Ohio matched all six numbers to win a grand prize worth $252.6 million. “Congratulations to our newest Powerball jackpot winner and the California Lottery!” said Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director. “For more than 30 years, Powerball has brought people together to dream big and win big, and in doing so, has raised billions of dollars for good causes supported by lotteries.” Last year, a lone winning ticket – also in California – won the record $2.04 billion Powerball lottery jackpot. As a result, the owner of the gas station that sold the winning ticket became a millionaire himself. For those who didn’t become instant millionaires on Wednesday, there may still be hope: the Mega Millions drawing. Friday’s Mega Millions jackpot is worth an estimated $720 million, with a cash value of $369.6 million.